CoinShares attributed the flow of funds to “increasingly hawkish rhetoric” coming from the U.S. Federal Reserve; earlier this week, the Wall Street Journalreported that the Fed is set to consider an imminent rate hike in order to control rising inflation rates.
America accounted for the majority of outflows from funds last week, at $98 million versus $2 million from Europe, indicating rising instability in the American market.
Multi-asset funds also faced outflows of $4.7 million last week, bringing total month-to-date outflows to $3.6 million.
3iQ (-72.1 million) and Purpose (-43.4 million) reported negative outflows last week. ProShares (24.2 million), Grayscale (0.3 million) and 21Shares (4.5 million) ended up on the positive side last week.
Total assets under management (AUM) have fallen to $1.9 billion, a fall of 54% from their peak in November 2021.
The leading cryptocurrencies have continued to slip in recent days. Bitcoin is down 2.2% in the last day and is trading hands at around $22,400. Ethereum is trading at around $1,210, up around 1.6% over the past 24 hours, according to data from CoinMarketCap.
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